Still renting? Be honest, are you lazy? Do you love calling the landlord every time the faucet leaks, or the dog next door won’t stop barking? Are you thrilled that someone else mows the grass in front of your parking strip?
It’s definitely the easy way out, but at what cost? Over time you are throwing your money away kids, check out the chart below:
Time to get real. If you’re a young Millennial first time buyer, it’s about 23 percent cheaper to buy a home than rent one in America’s 100 major real estate markets, 22 percent in San Diego. This new report by Trulia analyzed the cost difference between buying a home and renting one with a special focus on buyers ages 25-34. They examined current housing prices under the assumption that “young buyers” will move every five years and can only afford a down payment of up to 10 percent. The “Rent vs. Buy” report also assumed a 3.85 percent mortgage rate on a 30-year fixed rate loan, itemized federal tax deductions and a 25 percent tax bracket.
But don’t wait too long. If you’re looking to buy in SD and hoping for prices on homes to decrease, don’t hold your breath. The cost of a home has experienced steady increases, with home prices rising by an impressive 5.4% in 2015. While the numbers are still relatively low, constant increases make this the time to buy—no sense in waiting for local prices to again experience price increases of 10 to 20% like those seen back in 2013 and 2014. The clock is ticking if you’d like to choose from a larger inventory of homes at great values.
The changing economy helps, as interest rates are low and are in your favor:)
If you are thinking about taking the plunge, now is the time. The good news is that spring has sprung, and folks are starting to list their homes so inventory is growing.
Call JulieRaeRealtor We can make home ownership a reality for you!
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